[JumpCrisscross]

> rather than astonishing amounts of fraud

Macro weighs more on crypto than geopolitics or fraud. Fraud never deterred millions from dumping savings, reputations and careers into this mess. The inflection point, for crypto, as with other risk assets, was the Fed.

[woodruffw]

I don't disagree, but: macro is a forcing function for the collapse of fraudulent schemes. If it was just a macro downturn, we would be seeing a filter between different firms. Instead we're seeing an implosion roughly every month, interspersed with bankruptcies and major headcount cuts.